Keefe, Bruyette & Woods Issues Positive Forecast for Cipher Mining (NASDAQ:CIFR) Stock Price

Cipher Mining (NASDAQ:CIFR) had its price objective lifted by Keefe, Bruyette & Woods from $23.00 to $27.00 in a research note issued to investors on Thursday,Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also issued reports about the company. BTIG Research reissued a “buy” rating and set a $25.00 price objective on shares of Cipher Mining in a report on Wednesday. Needham & Company LLC reaffirmed a “buy” rating and set a $22.00 price objective on shares of Cipher Mining in a report on Wednesday, March 25th. HC Wainwright raised their price target on shares of Cipher Mining from $25.00 to $30.00 and gave the company a “buy” rating in a research report on Wednesday. Morgan Stanley reiterated an “overweight” rating and issued a $40.50 price objective on shares of Cipher Mining in a research note on Monday, April 27th. Finally, Wall Street Zen downgraded Cipher Mining from a “hold” rating to a “strong sell” rating in a research note on Sunday, March 1st. Fourteen analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $26.29.

Cipher Mining Stock Down 0.9%

Shares of NASDAQ CIFR traded down $0.19 during midday trading on Thursday, hitting $20.49. 15,661,814 shares of the stock traded hands, compared to its average volume of 28,123,031. The company has a debt-to-equity ratio of 6.13, a quick ratio of 3.79 and a current ratio of 3.13. Cipher Mining has a one year low of $2.95 and a one year high of $25.52. The business has a 50 day moving average price of $15.99 and a two-hundred day moving average price of $16.83. The company has a market cap of $8.38 billion, a PE ratio of -8.91 and a beta of 3.13.

Cipher Mining (NASDAQ:CIFR) last released its quarterly earnings data on Tuesday, May 5th. The company reported ($0.28) earnings per share for the quarter, missing the consensus estimate of ($0.27) by ($0.01). Cipher Mining had a negative return on equity of 117.65% and a negative net margin of 427.79%.The business had revenue of $34.84 million for the quarter, compared to analyst estimates of $36.12 million. The business’s revenue for the quarter was down 28.8% compared to the same quarter last year. On average, equities analysts predict that Cipher Mining will post -0.9 EPS for the current year.

Insider Transactions at Cipher Mining

In other news, Director Cary M. Grossman sold 30,000 shares of Cipher Mining stock in a transaction dated Monday, March 23rd. The shares were sold at an average price of $14.54, for a total value of $436,200.00. Following the completion of the transaction, the director owned 170,530 shares in the company, valued at $2,479,506.20. This trade represents a 14.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James E. Newsome sold 45,161 shares of the business’s stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $15.74, for a total transaction of $710,834.14. Following the completion of the sale, the director directly owned 127,331 shares in the company, valued at approximately $2,004,189.94. This trade represents a 26.18% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 148,229 shares of company stock worth $2,283,968 over the last quarter. 2.63% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Cipher Mining

A number of large investors have recently made changes to their positions in CIFR. Millennium Management LLC bought a new stake in shares of Cipher Mining during the 1st quarter valued at $9,316,000. Goldman Sachs Group Inc. lifted its position in Cipher Mining by 52.4% during the first quarter. Goldman Sachs Group Inc. now owns 4,680,219 shares of the company’s stock valued at $10,765,000 after purchasing an additional 1,610,073 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of Cipher Mining during the 2nd quarter valued at $98,000. Prudential Financial Inc. lifted its holdings in shares of Cipher Mining by 113.7% during the 2nd quarter. Prudential Financial Inc. now owns 31,595 shares of the company’s stock worth $151,000 after acquiring an additional 16,810 shares during the last quarter. Finally, XTX Topco Ltd lifted its holdings in shares of Cipher Mining by 65.2% during the 2nd quarter. XTX Topco Ltd now owns 29,708 shares of the company’s stock worth $142,000 after acquiring an additional 11,725 shares during the last quarter. 12.26% of the stock is owned by institutional investors.

About Cipher Mining

Cipher Mining Inc is a Nasdaq-listed bitcoin mining company that develops, owns and operates large-scale mining facilities across the United States. The company focuses on deploying advanced ASIC hardware and securing long-term low-cost power contracts to optimize bitcoin production. By strategically locating its sites in regions with abundant energy supply, Cipher Mining seeks to maintain a competitive cost structure and deliver efficient hashrate capacity growth.

Founded in 2021 and headquartered in Austin, Texas, Cipher Mining has pursued an integrated approach encompassing site development, equipment procurement and operations management.